Precious metals producer Platinum Group Metals (PTM) is set to capitalise on one of the last outcrops of the Merensky reef near Rustenburg, in the North West, with its newly commissioned Maseve mine.
The mine was fully commissioned in March and is located on one of the remaining pieces of the Merensky reef, which is above 1 000 m and hosts shallow and high-grade ore.
As of February, the mine, which was largely completed last year, represents over $500-million in equity and debt investment. It has proven and probable reserves of 4.1-million ounces, while measured and indicated resources are in the region of 6.63-million ounces. The proven and probable reserves comprise about 2.6-million ounces of platinum, one-million ounces of palladium, 256 600 oz of rhodium and 144 570 oz of gold. The measured and indicated resources comprise about 4.2-million ounces of platinum, 1.7-million ounces of palladium, 431 480 oz of rhodium and 220 800 oz of gold.
The Maseve mine currently employs over 2 400 personnel on site, with development taking place in blocks 6, 10, 9, 12 and 16.
The mine employs a 20 MVA power plant to provide steady power for operations.
Maseve’s first-year guidance (March 2016 – April 2017) is set at 110 000 oz, with second-year guidance slated to be 185 000 oz. Once fully stable, the mine will produce 250 000 oz a year. The Maseve mine has a 20-year mine life.
Waterberg Joint Venture
Meanwhile, PTM is progressing with the development of the Waterberg project to mine platinum-group metals (PGMs).
The Waterberg project is a joint venture (JV) between PTM, with a 58,62% stake; Japanese State company Japan Oil, Gas & Metals National Corporation (known as Jogmec), with a 28.35% stake; and black economic empowerment partner Mnombo Wethu, with a 26% stake.
The project is envisioned as a new district with the potential for low-cost, safe and bulk- mechanised mining of PGMs.
PTM’s stake is divided into 45.65% directly invested and 12.97% indirectly invested into the JV.
The current indicated resource base stands at 23.8-million ounces, while inferred resources stand at 11.7-million ounces. The indicated resource comprises 14.7-million ounces of palladium, 7.1-million ounces of platinum, 1.7-million ounces of gold and 201 210 oz of rhodium. The inferred resource base comprises 7.1-million ounces of palladium, 3.5-million ounces of platinum, 973 250 oz of gold and 91 250 oz of rhodium.
A preliminary economic assessment was completed in June 2014, with a prefeasibility study planned for the third and fourth quarter of this year.
PTM states that the Waterberg project, which is on the northern limb, represents a significant alternative to narrow width and conventional mining operations, such as those undertaken at its Maseve mine on the western limb.
In addition, the deposit at the Waterberg project starts 140 m from the surface, enabling it to be mined using multiple decline ramps instead of vertical shafts, which incurs lower capital costs.
The mechanised approach to mining the Waterberg project, which has a deposit thick- ness of between 3 m and 60 m, enables the mine to use fewer miners to process greater ore throughput and more effectively mine larger stopes, compared with conventional mining methods.